VISA Embraces Solana: A Revolution in Payments
VISA has expanded its stablecoin settlement services to the Solana blockchain, aiming to enhance traditional payment systems.
Solana offers efficient throughput and cost-effective transactions in a pilot program, made possible through VISA’s acquisition of Worldpay and Nuvei.
VISA has already completed substantial settlements using the stablecoin USDC on blockchain networks, signaling its commitment to blockchain innovation. Cuy Sheffield, VISA’s Head of Crypto, sees the potential to expedite cross-border settlements and improve money transfer methods.
This initiative began in 2021 when VISA partnered with Crypto.com to leverage Ethereum for cross-border transactions in Australia, reducing settlement times from days to seconds. The acquisition of Worldpay and Nuvei is expected to further streamline processes and reduce costs.
VISA’s partnership with Solana makes it one of the first legacy companies to offer direct live settlement payments on the Solana blockchain. Future plans include expanding collaborations and partnerships.
READ MORE: South Korea Takes Aim at North Korean Crypto Warfare
Jim Johnson, President of Worldpay Merchant Solutions, emphasizes that VISA’s USDC settlement capability allows greater flexibility for merchants, a crucial aspect in a rapidly evolving commerce landscape.
While Solana faced challenges during the “Crypto Winter” with reduced market cap and token values, it still exhibits promising annualized revenue and fees, indicating potential for growth despite a decline in active users.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
